What changed in this filing

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Item 2. Properties

2024-02-22 compared with 2023-02-21 · 57 added, 38 removed, 57 unchanged (63% of the section changed)

1 unchanged sentence

The following table provides certain information about the rigs in our drilling fleet as of February 15, 2024:

Year Delivered

Drilling Depth

VALARIS DS-4 Drillship 2010 Dynamically Positioned 12,000'/40,000' Brazil Under contract

VALARIS DS-7 Drillship 2013 Dynamically Positioned 10,000'/40,000' Spain Preservation stacked (1)

VALARIS DS-8 Drillship 2015 Dynamically Positioned 12,000'/40,000' Spain Preservation stacked (1)

VALARIS DS-7 Drillship 2013 Dynamically Positioned 10,000'/40,000' Spain Under reactivation (2)

VALARIS DS-8 Drillship 2015 Dynamically Positioned 12,000'/40,000' Brazil

Under contract

VALARIS DS-9 Drillship 2015 Dynamically Positioned 12,000'/40,000' Angola Under contract

VALARIS DS-10 Drillship 2015 Dynamically Positioned 12,000'/40,000' Nigeria Under contract

VALARIS DS-10 Drillship 2017

Dynamically Positioned 12,000'/40,000' Nigeria Under contract

VALARIS DS-11 Drillship 2013 Dynamically Positioned 12,000'/40,000' Spain Preservation stacked (1)

VALARIS DS-12 Drillship 2013 Dynamically Positioned 12,000'/40,000' Angola Under contract

VALARIS DS-13 Drillship Under construction (2)

Dynamically Positioned 12,000'/40,000' South Korea Option (2)

VALARIS DS-14 Drillship Under construction (2)

Dynamically Positioned 12,000'/40,000' South Korea Option (2)

VALARIS DS-12 Drillship 2013 Dynamically Positioned 12,000'/40,000' Egypt

Under contract

VALARIS DS-13 Drillship 2023

Dynamically Positioned 12,000'/40,000' Mobilizing (3)

Mobilizing (3)

VALARIS DS-14 Drillship 2023

Dynamically Positioned 12,000'/40,000' Mobilizing (3)

Mobilizing (3)

VALARIS DS-15 Drillship 2014 Dynamically Positioned 12,000'/40,000' Brazil Under contract

VALARIS DS-16 Drillship 2014 Dynamically Positioned 12,000'/40,000' Gulf of Mexico Under contract

VALARIS DS-17 Drillship 2014 Dynamically Positioned 12,000'/40,000' Spain Under reactivation (3)

VALARIS DS-17 Drillship 2014 Dynamically Positioned 12,000'/40,000' Brazil

Under contract

VALARIS DS-18 Drillship 2015 Dynamically Positioned 12,000'/40,000' Gulf of Mexico Under contract

3 unchanged sentences

VALARIS DPS-6 Semisubmersible 2012 Dynamically Positioned 8,500'/35,000' Gulf of Mexico Preservation stacked (1)

VALARIS MS-1 Semisubmersible 2011 F&G ExD Millennium 8,200'/40,000 Australia Under contract

VALARIS 54 Jackup 1982/2004 F&G L-780 MOD II-C 300'/25,000' Saudi Arabia Under contract

VALARIS 72 Jackup 1981/2011 Hitachi K1025N 225'/25,000' United Kingdom Under contract

VALARIS MS-1 Semisubmersible 2011 F&G ExD Millennium, Moored

8,200'/40,000 Australia Under contract

VALARIS 72 Jackup 1981

Hitachi K1025N 225'/25,000' United Kingdom Under contract

VALARIS 75 Jackup 1999 MLT Super 116-C 400'/30,000' Gulf of Mexico Preservation stacked (1)

VALARIS 76 Jackup 2000 MLT Super 116-C 350'/30,000' Saudi Arabia Under contract

VALARIS 92 Jackup 1982/2003 MLT 116-C 210'/25,000' United Kingdom Under contract

VALARIS 76 Jackup 2000 MLT Super 116-C 350'/30,000' Saudi Arabia Preparing for lease contract (4)

VALARIS 92 Jackup 1982

MLT 116-C 210'/25,000' United Kingdom Under contract

VALARIS 102 Jackup 2002 KFELS MOD V-A 400'/30,000' Gulf of Mexico Preservation stacked (1)

VALARIS 104 Jackup 2002/2011 KFELS MOD V-B 400'/30,000' UAE Preservation stacked (1)

VALARIS 104 Jackup 2002

KFELS MOD V-B 400'/30,000' UAE Preservation stacked (1)

VALARIS 106 Jackup 2005 KFELS MOD V-B 400'/30,000' Indonesia Under contract

VALARIS 107 Jackup 2006 KFELS MOD V-B 400'/30,000' Australia Under contract

VALARIS 108 Jackup 2007/2009 KFELS MOD V-B 400'/30,000' Saudi Arabia Under contract

VALARIS 108 Jackup 2007

KFELS MOD V-B 400'/30,000' Saudi Arabia Preparing for lease contract (4)

VALARIS 109 Jackup 2008 KFELS MOD V-Super B 350'/35,000' Namibia Preservation stacked (1)

2 unchanged sentences

VALARIS 115 Jackup 2013 Baker Marine Pacific Class 400 400'/30,000' Brunei Under contract

VALARIS 116 Jackup 2008/2018 LT 240- C 375'/35,000' Saudi Arabia Leased to ARO drilling

VALARIS 116 Jackup 2008

LT 240- C 375'/35,000' Saudi Arabia Leased to ARO drilling

VALARIS 117 Jackup 2009 LT 240- C 350'/35,000' Mexico Under contract

3 unchanged sentences

VALARIS 122 Jackup 2013 KFELS Super A 400'/40,000' United Kingdom Under contract

Rig Name Rig Type Year Built/

Rebuilt Design Maximum

Rig Name Rig Type Year Delivered

Design Maximum

Drilling Depth Location Status

VALARIS 123 Jackup 2016 KFELS Super A 400'/40,000' Netherlands Under contract

VALARIS 123 Jackup 2019

KFELS Super A 400'/40,000' United Kingdom

Preparing for contract

VALARIS 140 Jackup 2016 LT Super 116E 340'/30,000' Saudi Arabia Leased to ARO drilling

VALARIS 141 Jackup 2016 LT Super 116E 340'/30,000' Saudi Arabia Leased to ARO drilling

VALARIS 143 Jackup 2010/2018 LT EXL Super 116-E 350'/35,000' Saudi Arabia Leased to ARO drilling

VALARIS 143 Jackup 2010

LT EXL Super 116-E 350'/35,000' Saudi Arabia Leased to ARO drilling

VALARIS 144 Jackup 2010 LT Super 116-E 350'/35,000' Gulf of Mexico Under contract

VALARIS 145 Jackup 2010 LT Super 116-E 350'/35,000' Gulf of Mexico Preservation stacked (1)

VALARIS 146 Jackup 2011/2018 LT EXL Super 116-E 320'/35,000' Saudi Arabia Leased to ARO drilling

VALARIS 147 Jackup 2012/2019 LT Super 116-E 350'/30,000' Saudi Arabia Leased to ARO drilling

VALARIS 148 Jackup 2013/2019 LT Super 116-E 350'/30,000' Saudi Arabia Leased to ARO drilling

VALARIS 247 Jackup 1998 LT Super Gorilla 400'/35,000' United Kingdom Under contract

VALARIS 248 Jackup 2001/2014 LT Super Gorilla 400'/35,000' United Kingdom Under contract

VALARIS 249 Jackup 2001 LT Super Gorilla 400'/35,000' New Zealand Under contract

VALARIS 146 Jackup 2011

LT EXL Super 116-E 320'/35,000' Saudi Arabia Leased to ARO drilling

VALARIS 147 Jackup 2013

LT Super 116-E 350'/30,000' Saudi Arabia Leased to ARO drilling

VALARIS 148 Jackup 2013

LT Super 116-E 350'/30,000' Saudi Arabia Leased to ARO drilling

VALARIS 247 Jackup 1998 LT Super Gorilla 400'/35,000' United Kingdom

Preparing for contract

VALARIS 248 Jackup 2000

LT Super Gorilla 400'/35,000' United Kingdom Under contract

VALARIS 249 Jackup 2001 LT Super Gorilla 400'/35,000' Trinidad

Under contract

VALARIS 250 Jackup 2003 LT Super Gorilla XL 550'/35,000' Saudi Arabia Leased to ARO drilling

VALARIS Viking Jackup 2011 KEFLS N Class 435'/35,000' United Kingdom Preservation stacked (1)

VALARIS Stavanger Jackup 2011 KEFLS N Class 400'/35,000' United Kingdom Available

VALARIS Viking Jackup 2010

KEFLS N Class 435'/35,000' United Kingdom Preservation stacked (1)

VALARIS Stavanger Jackup 2011 KEFLS N Class 400'/35,000' United Kingdom Preparing for contract

VALARIS Norway Jackup 2011 KEFLS N Class 400'/35,000' United Kingdom Under contract

3 unchanged sentences

While stacked, large equipment that remains on the rig is periodically inspected and maintained by Valaris personnel.

These steps are designed to reduce time and lower cost to reactivate the rig when market conditions improve.

(2) We have construction agreements with a shipyard that provide for, among other things, an option construct whereby the Company has the right, but not the obligation, to take delivery of either or both VALARIS DS-13 AND VALARIS DS-14 rigs which were recently constructed, on or before December 31, 2023.

Under the amended agreements, the purchase prices for the rigs are estimated to be $119.1 million for the VALARIS DS-13 and $218.3 million for the VALARIS DS-14, assuming a December 31, 2023 delivery date.

Delivery can be requested any time prior to December 31, 2023 with a downward purchase price adjustment based on predetermined terms.

If the Company elects not to purchase the rigs, the Company has no further obligations to the shipyard.

(3) Rig being reactivated for a firm contract.

These steps are designed to reduce time and lower cost to reactivate the rig once returned to the active fleet.

(2) Rig is being reactivated for a firm contract.

(3) Rigs are mobilizing from South Korea to Las Palmas, Spain, where they will be stacked.

(4) Rigs are under-going contract preparations for lease contracts with ARO drilling.

The equipment on our drilling rigs includes engines, draw works, derricks, pumps to circulate drilling fluid, well control systems, drill string and related equipment.

4 unchanged sentences

Drillships are self-propelled and can be positioned over a drill site through the use of computer-controlled propellers or "thruster" dynamic positioning systems.

Our drillships are capable of drilling in water depths of up to 12,000 feet and are suitable for deepwater drilling in remote locations because of their

superior mobility and large load-carrying capacity.

Our drillships are capable of drilling in water depths of up to 12,000 feet and are suitable for deepwater drilling in remote locations because of their superior mobility and large load-carrying capacity.

Although drillships are most often used for deepwater drilling and exploratory well drilling, drillships can also be used as a platform to carry out well maintenance or completion work such as casing and tubing installation or subsea tree installations.

11 unchanged sentences

We own all rigs in our fleet and we manage the drilling operations for two platform rigs owned by a third-party.

We lease office space in the United States (Houston and Louisiana), United Kingdom (London and Aberdeen), Australia, Indonesia, Mexico, Brazil, Nigeria, Netherlands, United Arab Emirates (Dubai and Abu Dhabi), Saudi Arabia, Thailand, Norway, New Zealand and Trinidad.

We lease various office, warehouse and storage facilities worldwide, including our corporate offices in Houston, Texas and other offices and facilities located in various countries in North America, South America, Europe, Africa and the Asia Pacific region.

We own offices and other facilities in United States (Louisiana), Angola and Brazil.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 2. Properties